Kimberly Lightford
- Democratic
- Senator
- District 4
Amends the Payday Loan Reform Act. Changes the definition of "payday loan" to include any loan with a finance charge exceeding an annual percentage rate of 36% (instead of with a finance charge exceeding an annual percentage rate of 36% and with a term that does not exceed 120 days). Provides that no lender may make a payday loan with periodic payments unless the periodic payments are substantially equal term payments and, if paid as scheduled, result in full payment of the principal and interest owed on the loan at the end of the loan term. Requires the licensee, as part of the information that he or she must collect and maintain, to include the total number of lawsuits filed by the licensee or its agent against consumers to collect on payday loans from consumers during the preceding calendar year. Prohibits a licensee or a person making payday loans from evading the requirements and prohibitions of the Act by use of a device or subterfuge including, but not limited to, (i) disguising a payday loan as a different type of transaction, or (ii) characterizing a required fee as a purchase of a good or service in connection with a payday loan. Authorizes the Department to develop rules to determine if any person or entity seeks to evade the applicability of this Act by any device, subterfuge, or pretense. Effective immediately.
Session Sine Die
Rule 19(a) / Re-referred to Rules Committee
Final Action Deadline Extended-9(b) May 31, 2007
House Committee Amendment No. 3 Filed with Clerk by Financial Institutions Committee
Remains in Financial Institutions Committee
Motion Do Pass as Amended - Lost Financial Institutions Committee; 011-004-007
House Committee Amendment No. 3 Adopted in Financial Institutions Committee; by Voice Vote
Added Alternate Co-Sponsor Rep. Robert F. Flider
Committee Deadline Extended-Rule 9(b) May 25, 2007
House Committee Amendment No. 2 Filed with Clerk by Financial Institutions Committee
Remains in Financial Institutions Committee
House Committee Amendment No. 2 Adopted in Financial Institutions Committee; by Voice Vote
House Committee Amendment No. 1 Adopted in Financial Institutions Committee; by Voice Vote
House Committee Amendment No. 1 Filed with Clerk by Financial Institutions Committee
Added Alternate Co-Sponsor Rep. LaShawn K. Ford
Alternate Chief Co-Sponsor Removed Rep. Monique D. Davis
Added Alternate Chief Co-Sponsor Rep. Patricia R. Bellock
Added Alternate Chief Co-Sponsor Rep. Joseph M. Lyons
Added Alternate Chief Co-Sponsor Rep. John A. Fritchey
Added Alternate Co-Sponsor Rep. Constance A. Howard
Added Alternate Co-Sponsor Rep. Elga L. Jefferies
Added Alternate Co-Sponsor Rep. Charles E. Jefferson
Added Alternate Co-Sponsor Rep. Harry Osterman
Added Alternate Co-Sponsor Rep. Michael K. Smith
Added Alternate Co-Sponsor Rep. Arthur L. Turner
Added Alternate Co-Sponsor Rep. Karen A. Yarbrough
Added Alternate Co-Sponsor Rep. Mary E. Flowers
Added Alternate Co-Sponsor Rep. Esther Golar
Added Alternate Co-Sponsor Rep. Deborah L. Graham
Added Alternate Co-Sponsor Rep. Julie Hamos
Added Alternate Co-Sponsor Rep. Greg Harris
Added Alternate Co-Sponsor Rep. Jay C. Hoffman
Added Alternate Co-Sponsor Rep. Thomas Holbrook
Added Alternate Co-Sponsor Rep. Mike Boland
Added Alternate Co-Sponsor Rep. Richard T. Bradley
Added Alternate Co-Sponsor Rep. Daniel J. Burke
Added Alternate Co-Sponsor Rep. Linda Chapa LaVia
Added Alternate Co-Sponsor Rep. Annazette Collins
Added Alternate Co-Sponsor Rep. Marlow H. Colvin
Added Alternate Co-Sponsor Rep. Elizabeth Coulson
Added Alternate Co-Sponsor Rep. William Davis
Added Alternate Co-Sponsor Rep. Barbara Flynn Currie
Assigned to Financial Institutions Committee
Alternate Chief Sponsor Changed to Rep. David E. Miller
Added Alternate Chief Co-Sponsor Rep. Eddie Washington
Added as Co-Sponsor Sen. Dan Kotowski
Added Alternate Chief Co-Sponsor Rep. Monique D. Davis
Chief House Sponsor Rep. Eddie Washington
Referred to Rules Committee
First Reading
Added as Co-Sponsor Sen. Kwame Raoul
Added as Co-Sponsor Sen. Mattie Hunter
Added as Co-Sponsor Sen. Carol Ronen
Added as Co-Sponsor Sen. Rickey R. Hendon
Third Reading - Passed; 044-007-001
Arrived in House
Placed on Calendar Order of First Reading
Added as Chief Co-Sponsor Sen. Jeffrey M. Schoenberg
Rule 2-10 Third Reading Deadline Established As May 31, 2007
Added as Chief Co-Sponsor Sen. William Delgado
Added as Co-Sponsor Sen. David Koehler
Added as Chief Co-Sponsor Sen. Pamela J. Althoff
Placed on Calendar Order of 3rd Reading March 27, 2007
Second Reading
Added as Co-Sponsor Sen. Michael Noland
Senate Committee Amendment No. 1 Adopted
Do Pass as Amended Financial Institutions; 005-004-000
Placed on Calendar Order of 2nd Reading March 20, 2007
Senate Committee Amendment No. 1 Referred to Rules
Senate Committee Amendment No. 1 Rules Refers to Financial Institutions
Senate Committee Amendment No. 1 Filed with Secretary by Sen. Kimberly A. Lightford
Postponed - Financial Institutions
Added as Co-Sponsor Sen. James T. Meeks
Assigned to Financial Institutions
First Reading
Referred to Rules
Chief Co-Sponsor Sen. Jacqueline Y. Collins
Filed with Secretary by Sen. Kimberly A. Lightford
Bill Text Versions | Format |
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Introduced | HTML |
Engrossed | HTML |
Document | Format |
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House Amendment 003 | |
House Amendment 002 | |
House Amendment 001 | |
Senate Amendment 001 |
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